Riverwater Partners LLC Sells 10,755 Shares of Modine Manufacturing (NYSE:MOD)

Riverwater Partners LLC decreased its holdings in Modine Manufacturing (NYSE:MOD) by 38.9% during the 4th quarter, HoldingsChannel reports. The firm owned 16,903 shares of the auto parts company’s stock after selling 10,755 shares during the quarter. Modine Manufacturing comprises approximately 1.0% of Riverwater Partners LLC’s holdings, making the stock its 25th largest position. Riverwater Partners LLC’s holdings in Modine Manufacturing were worth $1,960,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the business. Norges Bank acquired a new stake in shares of Modine Manufacturing in the 4th quarter valued at approximately $31,590,000. Raymond James Financial Inc. bought a new position in Modine Manufacturing in the 4th quarter valued at approximately $19,719,000. Clearbridge Investments LLC acquired a new stake in Modine Manufacturing in the fourth quarter valued at approximately $18,930,000. Massachusetts Financial Services Co. MA bought a new stake in shares of Modine Manufacturing during the fourth quarter worth $16,434,000. Finally, Artisan Partners Limited Partnership increased its holdings in shares of Modine Manufacturing by 22.6% during the fourth quarter. Artisan Partners Limited Partnership now owns 575,223 shares of the auto parts company’s stock worth $66,686,000 after buying an additional 106,033 shares in the last quarter. Institutional investors and hedge funds own 95.23% of the company’s stock.

Modine Manufacturing Stock Down 3.2 %

NYSE:MOD opened at $70.29 on Friday. Modine Manufacturing has a one year low of $64.79 and a one year high of $146.84. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.87 and a quick ratio of 1.18. The company has a market cap of $3.70 billion, a PE ratio of 23.59, a P/E/G ratio of 0.71 and a beta of 2.48. The firm’s 50 day simple moving average is $87.93 and its 200 day simple moving average is $114.23.

Modine Manufacturing (NYSE:MOD) last issued its quarterly earnings results on Tuesday, February 4th. The auto parts company reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.13. Modine Manufacturing had a net margin of 6.31% and a return on equity of 24.25%. On average, research analysts anticipate that Modine Manufacturing will post 3.88 earnings per share for the current year.

Modine Manufacturing declared that its Board of Directors has initiated a share buyback program on Friday, March 7th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the auto parts company to reacquire up to 2.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Modine Manufacturing

In related news, Director William A. Wulfsohn acquired 2,530 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The shares were bought at an average cost of $79.43 per share, with a total value of $200,957.90. Following the completion of the purchase, the director now directly owns 7,277 shares in the company, valued at $578,012.11. The trade was a 53.30 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 2.40% of the company’s stock.

Analysts Set New Price Targets

Separately, DA Davidson reissued a “buy” rating and set a $155.00 price objective on shares of Modine Manufacturing in a report on Monday, March 17th.

Modine Manufacturing Company Profile

Modine Manufacturing Company provides thermal management products and solutions in the United States, Italy, Hungary, China, the United Kingdom, and internationally. It operates through Climate Solutions and Performance Technologies segments. The company offers heat transfer coils, including heat recovery and round tube plate fin coils; gas-fired, hydronic, electric and oilfired unit heaters; roof-mounted direct- and indirect-fired makeup air units; duct furnaces; infrared units; perimeter heating products; single packaged unit ventilators; modular chillers; air handler and condensing units; ceiling cassettes; evaporator unit coolers, remote condensers, fluid coolers, gas coolers, and dry and brine coolers; and motor and generator cooling coils, transformer oil coolers, radiators, dryers, and industrial heat exchangers.